The long await IPO of Snapchat is finally coming: according to Bloomberg the social media will seek to raise as much as $4 billion in its planned initial public offering, making it the biggest social media company to go public since Twitter's initial public offering in November 2013.

Bloomberg reports that The IPO could value Snapchat at about $25 billion to $35 billion, citing unnamed sources, and while no final decision has been made and the size of the IPO may change, and the valuation could reach as much as $40 billion, one of the people said.

In a surprising twist, because the company’s revenue is less than $1 billion, it plans to file IPO documents confidentially with the U.S. Securities and Exchange Commission, one of the people said.

Snapchat chose Morgan Stanley and Goldman Sachs Group Inc. to lead its offering, people familiar with the matter said earlier this month. JPMorgan Chase & Co., Deutsche Bank AG, Allen & Co., Barclays Plc and Credit Suisse Group AG will also be involved as joint book runners, the people said.

The Los Angeles-based company makes an application for sharing selfies and videos, watching news videos and chatting with friends. After its last funding round, Snap’s private market value reached $18 billion.